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Prices & Quotes - UK Markets - Fresnillo (FRES)

Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.

Share Price:
Down 894.40p
Change Today:
-16.80p
Market Cap:
6,591m
Sector:
Mining

Silver surges as retail traders target short sellers

By Sean Farrell

Date: Monday 01 Feb 2021

LONDON (ShareCast) - (Sharecast News) - The price of silver surged on Monday as retail traders switched their attention to the precious metal after attacking short sellers of GameStop.
Silver rose 10% to $29.96 per troy ounce, its highest price since 2012, after a participant in a Reddit forum encouraged traders to buy shares and options to squeeze banks. London-listed silver miner Fresnillo's shares jumped 20% to 11.85.4p at 09:54 GMT.

IShares Silver Trust, the world's biggest silver-backed exchange-traded fund, had almost $1bn of inflows on Friday, the Financial Times reported. Last week TheHappyHawaiian, a Reddit user, wrote that buying shares in the ETF would "force physical delivery of silver" into the fund, causing a short squeeze and pushing up the price of silver.

The Reddit user wrote that it would be "incredible" to make big banks "pay dearly" for bets against the price of silver. The message was similar to the call to action that caused large losses at Melvin Capital and other hedge funds on bets against US video game retailer GameStop.

Melvin closed its short position in GameStop on 26 January after retail traders piled into the shares to squeeze short sellers of the stock, taking their cue from Reddit's r/WallStreetBets forum. Market watchers have warned that traders could suffer severe damage from inflating prices to punish short sellers, who bet against assets.

Neil Wilson, chief market analyst at Markets.com, said: "Retail traders are herding into silver in the same way they have driven the likes of GameStop over the last week. Despite appearances this morning it's going to a lot harder to squeeze silver shorts as the market is so much deeper and more liquid."

"This kind of herding to coordinate a squeeze up is risky and likely to create a bubble that will hurt more than helps on the way down. Whether GameStop or silver, these are purely speculative bubbles that rely on the greater fool to keep it going."

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Fresnillo Market Data

Currency UK Pounds
Price 894.40p
Change Today -16.80p
52 Week High 1,357.50p
52 Week Low 673.60p
Volume 844,632
Shares Issued 736.89m
Market Cap 6,591m
Beta 0.00

Performance Indicators

Compare performance with the sector and the market.

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Price Trend
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Growth
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Dividend Yield
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EPS Growth
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Operating Margin
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What The Brokers Say

Strong Buy 4
Buy 0
Neutral 9
Sell 0
Strong Sell 2
Total 15
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Fresnillo Dividends

  Latest Previous
  Final Interim
Ex-Div 22-Apr-21 06-Aug-20
Paid 01-Jun-21 16-Sep-20
Amount 23.50¢ 2.30¢

Trades for 09-Apr-2021

Time Volume / Share Price
16:38 746 @ 894.40p
16:35 230 @ 894.40p
16:35 308,476 @ 894.40p
16:29 1,113 @ 892.69p
16:29 18 @ 892.40p

Fresnillo Key Personnel